Oil Jumps After Hamas Attack on Israel

Oil prices have increased during the early morning Asian session due to an attack by Hamas on Israel. Despite neither Israel nor Palestine being significant oil producers, there are concerns about potential disruptions in production. Tina Teng, a markets analyst at CMC Markets, explains that the market is worried about the potential ripple effects in the Middle East region. As a result, front-month WTI crude oil futures have risen by 3.6% to $85.75 per barrel, while front-month Brent crude oil futures are up by 3.3% at $87.37 per barrel.